The Great Resignation contributed to a labor shortage that had an impact on all businesses – especially those with a large hourly workforce. As companies look for solutions, including new ways to attract and retain talent, employees continue to re-evaluate their priorities according to what they value in their jobs, says Kshitij Dayal, senior vice president of engineering and operations at Legion.
Large organizations such as Walmart And the targeting Raising salaries to attract hourly workers. However, with so many companies now offering login bonuses and standard salary packages, employers looking to compete in a tight job market need to find a new way to earn employees. AI-powered workforce management and demand forecasting may be the answer.
Demand forecasting using AI-derived insights
Every traditional business goes through periods of peak and low demand for manpower. From holidays to weather events, throughout the day, week, and month, many factors influence the tides of business. However, without proper tools to forecast demand properly, managers will not be able to create perfect work plans and employee schedules, unsure of how many employees should work on a given day or at a particular time. Scheduling too many people will increase labor expenditure and scheduling too few people will ensure that income generation opportunities are lost, as employee productivity may be hampered while trying to meet customer demand.
For example, a slow day in a restaurant with too many employees leads to business losses, while a busy day with too few workers can cause the company to lose revenue because they cannot sit and serve as many people as possible due to lack of Having the right number of servers or chefs. Additionally, ineffective scheduling practices can create disgruntled and dissatisfied employees because they feel overwhelmed when there is a staff shortage.
Workforce management platforms that incorporate AI-powered demand forecasting capabilities can help solve these issues. They make use of machine learning algorithms to analyze key data points and demand drivers (for example, daily weather, local events, etc.), look for patterns and market trends. Then, predictive analytics models use this information to provide insights into customer behaviors to help determine where demand is likely to come from and what is the best schedule for employees. By harnessing the power of artificial intelligence to forecast demand, employers can create highly accurate schedules that enable them to improve their work efficiency. In addition, they can easily match their business needs to employees’ skills and preferences, creating a better employee experience.
Building agility schedule in workforce management
In today’s highly competitive job market, employers also need to provide schedule flexibility, especially since 85% of hourly workers They think it’s important to have more control over their schedules. However, managers who still use traditional manual methods of creating work schedules (for example, spreadsheets or even “pen and paper”) run the risk of building inefficient schedules, as well as wasting time that could be spent on higher value activities, such as Like working with clients and providing constructive and positive feedback to their employees.
AI-powered workforce management solutions can automate the entire scheduling process, enabling managers to easily and efficiently create schedules that comply with local labor laws (for example, meal and rest breaks) while also meeting employee preferences. These smart scheduling solutions allow employees to easily request time off, exchange shifts, and even capture additional work shifts – often with a single click in the mobile app – creating a better overall experience for all employees because they are able to decide when, how often, and where they want to work. The mobile platform is essential for millennials and Gen Z workers in particular because they expect every aspect of their lives to be online, efficient, and customized to suit their needs.
The smart workforce management platform also allows the company to optimize its workforce through employee engagement across multiple locations. Not only does this provide the company with additional workers who know the inner workings of the company’s procedures, but it also gives workers the ability to pick up additional shifts that they may not have before.
Mitigating supply chain disruption
Even now, more than two years after the pandemic began, supply chain disruptions remain a pain point in every industry, with companies catching up to meet demand for items, causing delays and raising prices. While current employment trends are not the only cause of the state of the supply chain, they have had a major impact, with industries such as manufacturing, transportation, warehousing, and utilities seen. High dropout rates last year. Companies have to do more with less from an inventory and employee perspective.
Intelligent workforce management solutions can help with supply chain uncertainty by enabling distribution centers to operate more efficiently. For example, by using artificial intelligence and machine learning, companies can analyze thousands of data points that can influence workforce needs (for example, delivery days, weather events, etc.) so that they can make better and more informed scheduling decisions. . In addition, it creates on-demand recruitment guidelines, work standards, work policies, and budget constraints to create the optimal business plan. This allows distribution center operators to formulate long-term staffing plans with fixed and flexible schedules.
Creating a positive work environment
If there is anything that can be learned from the great resignation, it is that no company is exempt from the labor shortage and training challenges presented during this time. Instead of sitting back and offering the same benefits and pay that workers no longer see value in, companies have taken this time to think about what employees actually want on the job and from the employer, whether that’s more recognition, a higher pay, or a greater flexibility schedule.
By offering benefits that better align with employees’ wants and needs, organizations prove that they truly care about their employees as more than just a number. This creates a better culture and future proofs work, and reduces the chances of employees leaving the company.
Every competitive advantage matters as companies continue to look for new ways to attract and retain hourly employees. AI-powered workforce management is a game-changer, providing employers with an easy way to improve their work efficiency while simultaneously improving their employees’ experience.
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